Rio Tinto Ltd is an Australian mining company listed on the ASX. The company is an exporter of iron ore to overseas steel mills. The companys functional currency is A$ and its financial year ends on 30 June 2021. The company entered various sale transactions during the year. Relevant exchange rates are as follows:

Date	Spot rate	Forward rate (for 31/07/2021)
1 April 2021	A$1 = US$0.80	A$1 = US$0.77
1 June 2021	A$1 = US$0.78	A$1 = US$0.74
30 June 2021	A$1 = US$0.80	A$1 = US$0.76
31 July 2021	A$1 = US$0.82	A$1 = US$0.82

i. On 1 April 2021, Rio Tinto Ltd sold iron ore to a Malaysian customer for US$1,350,000. On 31 July 2021, the customer paid for the iron ore.

ii. On 1 June 2021, Rio Tinto Ltd sold iron ore to a Korean customer for US$2,340,000. On 31 July 2021, the customer paid for the iron ore. On 1 June 2021, the company entered into a forward exchange contract to sell US$2,340,000, which it designated as a hedge of the customer account.

Required:

1. Prepare the entries of Rio Tinto Ltd to account for its foreign currency transactions in accordance with AASB 121 The Effects of Changes in Foreign Exchange Rates. (12 marks)

(Entries should be rounded to the nearest dollar. Assume a 0% discount rate for any fair value calculations. Show all workings.)

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